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Montréal CMA Housing Starts Trend Down Slightly in November 2016

MONTRÉAL, December 8, 2016 — Housing starts in the Montréal census metropolitan area (CMA) were trending at 19,462 units in November compared to 20,557 October according to Canada Mortgage and Housing Corporation (CMHC). The trend is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR) of housing starts.

“The marked slowdown in condominium starts in the Montréal CMA persisted in November. As a result, the inventory of unsold new condominiums continued to decline gradually in the metropolitan area. In the case of rental housing starts, however, activity remained relatively steady,” said David L’Heureux, CMHC’s Principal, Market Analysis, for the Montréal area.

CMHC uses the trend measure as a complement to the monthly SAAR of housing starts to account for considerable swings in monthly estimates and obtain a more complete picture of the state of the housing market. In some situations, analyzing only SAAR data can be misleading in some markets, as they are largely driven by the multiples segment of the markets, which can be quite variable from one month to the next.

The stand-alone monthly SAAR was 16,364 units in November, up from 15,138 in October. The significant variation in the annual rate was due to the multiple-unit housing segment, where notable fluctuations are often observed from one month to the next.

Preliminary housing starts data is also available in English and French at the following link: Preliminary Housing Starts Tables.

As Canada’s authority on housing, CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need, and offers objective housing research and information to Canadian governments, consumers and the housing industry.

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Information on This Release:

Media Contact
Catherine Léger
514-283-7972
cleger@cmhc.ca

Additional data is available upon request.

* SAAR: Seasonally Adjusted Annual Rate

Preliminary Housing Start Data
November 2016
Montréal CMA1 October 2016 November 2016
Trend2 20,557 19,462
SAAR 15,138 16,364
  November 2015 November 2016
Actual    
November — Single-detached 225 209
November — Multiples 1,376 1,188
November — Total 1,601 1,397
January to November — Single-detached 2,210 2,293
January to November — Multiples 14,523 13,639
January to November — Total 16,733 15,932

Source: CMHC
1 Census Metropolitan Area
2 The trend is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR). By removing seasonal ups and downs, seasonal adjustment allows for comparison of adjacent months and quarters. The monthly and quarterly SAAR and trend figures indicate the annual level of starts that would be obtained if the same pace of monthly or quarterly construction activity was maintained for 12 months. This facilitates comparison of the current pace of activity to annual forecasts as well as to historical annual levels.
Detailed data available upon request

Montreal Preliminary Actual Housing Start Data by Intended Market
November 2015 – 2016
Montreal, CMA1 Freehold-Single2 Freehold-Multi2 Rental Condo Total
  2015 2016 2015 2016 2015 2016 2015 2016 2015 2016
Montreal Island 27 18 34 6 187 164 280 309 528 497
Laval 21 11 20 13 112 15 6 6 159 45
North-Shore 89 85 24 47 87 110 128 111 328 353
South-Shore 59 69 58 83 186 149 193 76 496 377
Vaudreuil-Soulanges 27 26 19 12 3 0 41 87 90 125
Total Montreal CMA Starts 223 209 155 161 575 438 648 589 1,601 1,397

Source: CMHC
1 Census Metropolitan Area
2 Freehold homes refer to dwellings where the owner also holds the title of ownership to the land (single-detached houses and the following multiple-unit housing types: semi-detached houses, row homes and duplexes).
Detailed data available upon request.

Montreal Preliminary Actual Housing Start Data by Intended Market
Year to Date / 2015 – 2016
Montreal, CMA1 Freehold-Single2 Freehold-Multi2 Rental Condo Total
  2015 2016 2015 2016 2015 2016 2015 2016 2015 2016
Montreal Island 150 152 140 140 1,627 2,372 3,694 2,896 5,611 5,560
Laval 166 162 115 94 647 199 779 935 1,707 1,390
North-Shore 1,012 1,046 333 452 2,104 1,302 1,273 973 4,722 3,773
South-Shore 604 650 450 642 1,681 1,622 1,237 976 3,972 3,890
Vaudreuil-Soulanges 276 283 137 157 76 552 232 327 721 1,319
Total Montreal CMA Starts 2,208 2,293 1,175 1,485 6,135 6,047 7,215 6,107 16,733 15,932

Source: CMHC
1 Census Metropolitan Area
2Freehold homes refer to dwellings where the owner also holds the title of ownership to the land (single-detached houses and the following multiple-unit housing types: semi-detached houses, row homes and duplexes).
Detailed data available upon request.

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